| Note 9—Impairments | ||||||
| During 2013, 2012 and 2011, we recognized the following before-tax impairment charges: | ||||||
| Millions of Dollars | ||||||
| 2013 | 2012 | 2011 | ||||
| Alaska | $ | 3 | 3 | 2 | ||
| Lower 48 and Latin America | 2 | 192 | 71 | |||
| Canada | 216 | 262 | 253 | |||
| Europe | 301 | 211 | (37) | |||
| Asia Pacific and Middle East | 3 | 4 | - | |||
| Corporate | 4 | 8 | 32 | |||
| $ | 529 | 680 | 321 | |||
2013
In 2013, we recorded property impairments of $216 million in our Canada segment, mainly as a result of lower natural gas price assumptions, reduced volume forecasts and higher costs.
In Europe, we recorded impairments of $301 million, primarily due to ARO revisions for properties in the United Kingdom which are nearing the end of their useful lives or have ceased production.
2012
In 2012, we recorded a $192 million property impairment in the Lower 48 and Latin America segment related to the planned disposition of the majority of our producing zones in the Cedar Creek Anticline, located in southwestern North Dakota and eastern Montana.
The Canada segment included a $213 million property impairment for the carrying value of capitalized project development costs associated with our Mackenzie Gas Project. Advancement of the project was suspended indefinitely in the first quarter of 2012 due to a continued decline in market conditions and the lack of acceptable commercial terms. We also recorded a $481 million impairment for the undeveloped leasehold costs associated with the project, which was included in the “Exploration expenses” line on our consolidated income statement. Additionally, we recorded impairments on various producing and non-producing properties.
In Europe, we recorded impairments of $211 million, mainly related to ARO revisions for properties which have ceased production or are nearing the end of their useful lives.
2011
During 2011, we recorded property impairments of $289 million, primarily in our Lower 48 and Latin America and Canada segments, largely as a result of lower natural gas price assumptions and reduced volume forecasts.